Wednesday November 13, 2024

  • Markets are sitting in the red. U.S winter wheat conditions continue to improve and soy demand is in question. 
  • US Crop Progress. The US corn crop was 95% harvested through Sunday, compared to the average of 84% harvested, though trade was expecting harvest to be 95% complete. The soybean crop is 96% harvested compared to 91% on average, and the US winter wheat crop was rated 44% good to excellent through Sunday, compared to 45% on average. 
  • The export inspections report showed corn, beans, and wheat inspections all within range of estimates. This leaves corn and bean inspection roughly 3% ahead of the needed pace to meet the USDA total expectations, and wheat roughly 1% ahead of the pace needed. 
  • Russia has included grain production data from Ukrainian territories under its control in its 2024 forecast. Russia currently controls about 18% of Ukrainian territory. Russia harvested 148mmt of grain last year, with 4% of the total originating from annexed Ukrainian territories. 
  • The Canadian federal government is putting an end to the labour strike impacting ports in Montreal and on the west coast, they are calling for arbitration.